Though widely covered in the press it is important that David James reiterate the impact the Governments changes to Stamp Duty Land Tax may have on your custom with us. For those who are unaware of what SDLT is, it is a taxable deduction which occurs when you buy or in some cases, lease a property within a variable price threshold.
The two main factors which the SDLT rate will depend on are
The purchase price of the property
Whether the property is residential
So what are the changes exactly?
On the 4th December the tax threshold changed to the following:
Purchase price of property | Rate of SDLT (percentage of the total purchase price)
£0 – £125,000 | 0%
£125,001 – £250,000 | 2%
£250,001 – £925,000 | 5%
£925,001 – £1.5 million | 10%
Over £1.5 million | 12%
So if you were to purchase a home priced at £255,000 for example, you’d be taxed 5% in SDLT. These percentages are a strong improvement on previous years.
You can read more about SDLT in detail over at the GOV UK website and we do recommend you take the time to understand this if you are in the market for a new home.
And with that out the way, why not take this opportunity to once again wish you a very Merry Christmas!
